OMB starts DATA Act implementation in high gear
Forr all of the Obama administration’s reluctance and push-back against the Data Transparency Accountability Act or DATA Act as it was going through Congress, give them credit for meeting the first major statutory deadline of the law on May 7. OMB also issued the first DATA Act guidance, which calls for agencies to designate a senior accountable official to lead the law’s implementation.
Better data, Better decisions, Better government
A year ago, Congress passed the Digital Accountability and Transparency Act of 2014, or the DATA Act. Since then, the Office of Management and Budget (OMB) and the Department of the Treasury (Treasury) have engaged with the communities that create and use this data and taken important first steps towards creating a more data driven government, and making federal data more transparent and available to the American people. Today marks the beginning of the next phase of implementation of the DATA Act.
Why is the SEC still so low-tech?
Like many U.S. regulators, the SEC hasn’t kept pace with technological evolution. As a result, the firms it’s charged with overseeing are getting away with shady practices, investors are being denied easy access to key information, and, our economy is being put at risk.
// Read at CNBC //
Big Government Is Getting In The Way Of Big Data
When the government wants to know how many people are unemployed, it calls people and asks them whether they’re working. When it wants to know how quickly prices are rising, it sends researchers to stores to check price tags. And when it wants to know how much consumers are spending, it mails forms to thousands of retailers asking about their sales.
// Read at FiveThirtyEight //
Smaller companies exempt from using open-data format for financial reporting under House bill
Defeat of job bill in House reveals open data failures at SEC
But the bill’s defeat tells only part of the story. The Hurt provision, known as the Small Company Disclosure Simplification Act, not only threatened the future ability of the SEC to eliminate financial fraud and protect investors but also underscores the agency’s failure to manage the deployment of new data standards that are critical to accurate financial reporting and oversight.
// Read at FedScoop //
SEC’s Year-End XBRL Release Advances the Ball on Data Over Documents
The U.S. Securities and Exchange Commission’s year-end release of ‘structured data sets’ of XBRL information appears aimed at improving the access to, and usefulness of, this electronically tagged data.
Open data builds on the hill as Senate offers XML info
The U.S. Senate will be joining the open data movement when it said it would make bills and other legislative information available for bulk XML download. In making its announcement at the Legislative Branch Bulk Data Task Force meeting, the Senate said it will release machine-readable summary and bill information from the 113th Congress, which just gaveled out, and legislation from the upcoming 114th.
SEC moves to ease access to financial statement data
At the end of 2014, the Securities and Exchange Commission took a big step toward making corporate financial data more open, announcing it would repackage the financial statement data it had been gathering from publicly traded companies and releasing them in quarterly datasets.
// Read at FCW //
How one company is trying to tackle Big Data’s big problem
Big data analysis is great if your information is in formats that are easy for computers to read, such as spreadsheets with numbers, or responses on a scale from one to five. But a lot of information isn’t organized like that. Instead, it’s in presentations, memos, reports, comments or just plain e-mail. Analysis of that kind of information — often called “unstructured” or “dark” data — is really tough to do by computer, and companies including Intel, SAP and HP are looking for a more reliable way to do it. Another firm, uReveal, thinks that it’s cracked the code. Charles “Bucky” Clarkson, uReveal’s chairman and CEO, said that software such as his makes it easier to to parse all those government reports and organize the data so that analysts can get more out of it, and more quickly. He also claims that the software is so simple to use that (gasp!) even liberal arts majors can use it.
// Read at Washington Post //